LaSalle Investment Management announces acquisition for LaSalle Income & Growth Fund VI
14 July 2014 - LaSalle Investment Management has announced the acquisition of the 21-building, 1.2-million-square-foot Precedent Office Park in the Keystone Crossing submarket of Indianapolis.This is the Fund’s first acquisition in Indianapolis.
Precedent Office Park is comprised of a mix of mid-rise, two-story and single-story office properties in a park-like setting in a central location within a half-hour drive from virtually every destination in the greater Indianapolis area. Amenities within the park include a 6,000 square foot fitness facility, a mile-long walking trail around a 38-acre lake, a national day care provider, a full-service conference facility and multiple restaurants and banks. The Keystone submarket is also home to Simon Property Group’s Fashion Mall anchored by Saks Fifth Avenue and Nordstrom along with some 55 restaurant options and multiple hotel choices. The complex is currently 94 percent occupied by tenants including Zurich Insurance, Rockwell Automation, Honeywell, M & J Insurance, WebMD, Defender Security and Stonegate Mortgage.
“Indianapolis has a stable, diversified and rapidly growing economy with strong population and job growth,” said Jim Hutchinson, President of the LaSalle Income & Growth Funds. “Tenants are attracted to the location and amenities of the Keystone submarket. We believe that our ability to offer tenants diverse and flexible space options within the park will aid us in our leasing efforts. The property will generate a strong income return for our investors.”
The LaSalle Income & Growth series is the firm’s flagship U.S. value-added fund series that was launched in 1996. The Funds seek to achieve value add returns by investing in a portfolio of U.S. income producing real estate and enhancing returns through property leasing, repositioning and aggressive asset management. Fund targets value-add real estate opportunities in the US across the office, retail, industrial and multifamily residential sectors.